AlphaBet GOOG Nature of the Beast
This has been a disappointment since rallying from the 987 line.
It's a similar pattern to the one shown at the green arrow at
close to the same point in time as last year - a double top
followed by a decline to the top of the last earnings gap, then
followed by a 50% retracement of the previous rally and
multiple tests of the 904 line before it finally rallies 32% to
the 1186 high.
This time around the pattern is similar, with another 50%
retracement (of the previous rally from the 987 line to the
ATH) - but the lows at the 987 line have filled the last
earnings gap (to left of chart) where the last fractal held up
at 904, the top of the preceding earnings gap.
It can spend some time making multiple tests of the 987 line
where it's a buy again with stops under 980.
The S&P continues to move in its shadow.
But all is ultimately good whilst 987 holds.
Same for S&P and world markets too.
This has been a disappointment since rallying from the 987 line.
It's a similar pattern to the one shown at the green arrow at
close to the same point in time as last year - a double top
followed by a decline to the top of the last earnings gap, then
followed by a 50% retracement of the previous rally and
multiple tests of the 904 line before it finally rallies 32% to
the 1186 high.
This time around the pattern is similar, with another 50%
retracement (of the previous rally from the 987 line to the
ATH) - but the lows at the 987 line have filled the last
earnings gap (to left of chart) where the last fractal held up
at 904, the top of the preceding earnings gap.
It can spend some time making multiple tests of the 987 line
where it's a buy again with stops under 980.
The S&P continues to move in its shadow.
But all is ultimately good whilst 987 holds.
Same for S&P and world markets too.